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The short answer
A Certificate of Capital Importation (CCI) is issued by an authorised dealer bank, on behalf of the CBN, when foreign currency comes into Nigeria for an investment. At exit it is the document that lets you repatriate dividends, interest, capital and sale proceeds in a convertible currency through that bank. Without one, law firm guidance says you cannot use the official FX market to take the money out.
What a CCI is, and why it matters most at exit
Most UK-based investors first hear about the Certificate of Capital Importation when they buy something in Nigeria: shares, bonds, a stake in a company. The certificate matters far more on the way out. It is the record that says a given amount of foreign currency came into Nigeria for a named investment, and it is what an authorised dealer bank looks at when you later ask to convert naira back into pounds or dollars and send them abroad.
A September 2024 guide by the Lagos law firm Adeola Oyinlade & Co, published on Mondaq, describes the mechanics: the CCI is issued by an authorised dealer (usually a commercial bank) on behalf of the CBN, within 24 hours of the inflow, and the dealer files returns with the CBN within 48 hours. The certificate then enables repatriation of dividends, profits, interest, capital and the proceeds of a sale or liquidation, in freely convertible currency, through an authorised dealer.
Templars, another Nigerian firm, makes the point that catches people out in its CCI FAQ (around 2020): a CCI is not mandatory, but an investor without one cannot access the official foreign exchange market to repatriate. Since 2016 the certificate has been electronic (e-CCI), held on a CBN server rather than as a paper document.
The UK investor’s problem in one example
Take a labelled example. Ade lives in Leeds. In 2023 she sent pounds to a Lagos stockbroker and bought shares. Her money went in two different ways in two different years:
- Route A: she sent sterling directly to her broker’s custodian bank, which converted it and issued a CCI naming her and the shares bought.
- Route B: the next year she sent money through a remittance app to her own naira account and then paid the broker from that account. The money arrived as naira. No CCI was issued.
In 2026 she sells everything. For the Route A shares, the custodian bank can match the sale proceeds to the CCI and convert them back to sterling through official channels. For the Route B shares, the bank has no certificate showing that foreign capital came in, so there is no CCI-backed route out. She is left holding naira, which she can still spend in Nigeria or move through whatever other lawful options her bank offers her, but not through a CCI-backed repatriation.
What you need at exit
The details vary by bank and by investment, but the sources above point to a common list. Expect the authorised dealer to ask for:
- The CCI (or e-CCI reference) covering the original inflow.
- Evidence of the event that produced the money: a contract note from the broker for a share sale, a dividend or coupon statement, or a liquidation or sale agreement.
- Tax evidence. Mondaq’s guide notes that a tax clearance is needed for the remittance of dividends and interest, so expect to show that Nigerian tax was deducted or paid.
- Your identity and the UK account details the money will go to, in the name on the CCI.
Repatriation itself can be quick once the papers are right. Templars said it was typically within 24 hours of a request, or the next FX window, though that was written in 2020 and practice changes with market conditions.
What changed in 2026
The CBN’s Foreign Exchange Manual (4th edition) took effect on 1 June 2026. A June 2026 summary by Pavestones Legal on Mondaq says it keeps the electronic CCI and states that capital is registered within 24 to 48 hours of the inflow. The same summary notes other changes to outward remittances, such as the removal of Form A for some transfers from self-funded domiciliary accounts. If your investment predates June 2026, the CCI you already hold still serves the same purpose; for new inflows, check the current rules with the bank handling the money.
For the full Nigeria-side explanation, including which investments typically come with a CCI, see Certificate of Capital Importation: when you need it.
The UK tax side of an exit
A CCI deals with exchange control in Nigeria. It has nothing to say about UK tax. If you are UK resident, GOV.UK says you normally pay UK tax on foreign income such as dividends and interest, usually through Self Assessment. A gain on selling Nigerian shares or property can be a chargeable gain. For 2026 to 2027, GOV.UK lists an annual exempt amount of £3,000 and rates of 18% within the basic rate band and 24% above it.
Under Article 13 of the 1987 UK–Nigeria double taxation convention, gains are taxed under each country’s own law, and Article 22 provides credit for tax paid in the other country. Work out the gain in sterling, using the sterling value on the day you bought and the day you sold: a naira gain can shrink, or turn into a loss, once both ends are converted. This is information, not tax advice; a UK tax adviser can confirm how it applies to you.
What to check before you invest
- Will the money arrive in Nigeria as foreign currency at an authorised dealer bank, in your name?
- Will that bank issue an e-CCI, and will it send you the reference?
- Does the CCI name the actual investment (the shares, the bond, the company)?
- Keep the CCI with your contract notes, dividend statements and tax deduction evidence for as long as you hold the investment.
If you are planning to move sale proceeds from property rather than shares, see selling Nigerian property and moving the money to the UK, and for funding a broker in the first place, funding a Nigerian stockbroker from a UK account.
Where Pryme fits
Pryme is not an authorised dealer and does not issue CCIs. What it does is keep your currencies separate: a Pryme account holds GBP, USD, EUR and NGN with local details for each, money stays in the currency it arrived in, and Swap converts only when you choose, with the rate and fee shown before you approve. That helps you keep a clean record of what was sterling and what was naira. Whether a particular investment route produces a CCI is a question to put to the bank and broker handling the inflow.
Questions people ask
Do I need a CCI to sell Nigerian shares from the UK?
You can sell without one, but without a CCI the proceeds cannot be repatriated through the official FX market. You would be left with naira in Nigeria.
Can I get a CCI after the money has already come in?
The CCI is issued at the point of inflow, within 24 hours according to the Mondaq guide. Ask the bank that received the money; if it came in as naira, there is no foreign inflow to certify.
Who issues the Certificate of Capital Importation?
An authorised dealer bank, on behalf of the Central Bank of Nigeria. Since 2016 it has been electronic.
Does a CCI mean I pay no tax when I bring money back to the UK?
No. The CCI is a Nigerian exchange-control record. UK residents normally report foreign income and gains to HMRC, with credit for Nigerian tax under the treaty.
Sources
- Mondaq (Adeola Oyinlade & Co): How to repatriate capital and profits in Nigeria, 19 Sep 2024 · accessed Oct 2026
- Templars: Repatriation of funds and capital importation in Nigeria FAQs (c. 2020) · accessed Oct 2026
- Mondaq (Pavestones Legal): The CBN Foreign Exchange Manual 2026, 24 Jun 2026 · accessed Oct 2026
- GOV.UK: Capital Gains Tax rates and allowances (updated 2 Oct 2026) · accessed Oct 2026
- GOV.UK: Tax on foreign income · accessed Oct 2026
- GOV.UK: UK–Nigeria double taxation convention (1987) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.